Temenos concludes Viveo restructuring
18 May 2011
Geneva, Switzerland – 18 May 2011 – Temenos (SIX: TEMN), the market-leading provider of banking software, today announced that it had concluded the merger of its French-speaking operations with those of Viveo, the banking software group it acquired in December 2009 for USD81m.
Temenos acquired Viveo in December 2009 with the objective of gaining scale in the large and fast-growing French-speaking core banking market and to gain access to some of Viveo’s product lines, including its strongly-positioned Anti-Money Laundering application.
Significant restructuring of the business has been necessary to consolidate the businesses of Temenos and Viveo, to rationalise the product set and to bring the margins of the combined entity to the levels of the overall Temenos group. This restructuring exercise has now been completed.
Alexa Guenoun, President of Temenos France, comments: “Restructuring is always difficult for those concerned. Nonetheless, the restructuring phase is now over and the customers have welcomed the clarity and direction that the acquisition has brought. We now enter into a more exciting phase: building on recent success and momentum to capture a greater share of the core banking replacement opportunity in France and French-speaking countries; a market which comprises 3 of the World’s largest 15 financial institutions and which we estimate to be worth around USD1bn a year.”
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About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with more than 60 offices worldwide, Temenos serves over 1100 customers in more than 120 countries. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos is top of the IBS Sales League Table 2010; winner every year since its launch of the Best Core Banking Product in Banking Technology magazine’s Readers’ Choice Awards. Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos’ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers. For more information please visit www.temenos.com
For more information, contact:
Max Chuard
Temenos Director
Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1157
Email: mchuard@temenos.com
Sarah Bowman
Associate Director, Investor Relations
Tel: +1 646 472 8069
Mob: +1 646 752 5463
Petra Shuttlewood
Temenos PR Manager
Tel: +44 (0) 207 423 3751
Email: pshuttlewood@temenos.com
Claire Barry
Hudson Sandler for Temenos
T +44 (0)20 7710 8940
Email: cbarry@hudsonsandler.com